Share this article

print logo

Erie County commercial deals reach nearly $30 million in June

Nearly $30 million in commercial real estate changed hands in June, led by a Clarence retail center and a 62-unit apartment building in Buffalo across from Canisius High School.

A Brooklyn investor named George Butsikaris paid $9.3 million through 4101 Transit Realty LLC to acquire the Jo-Ann Plaza at 4101 Transit Road from a joint venture of New York City-based private equity firm Blackstone Group and Cleveland-based real estate investment trust DDR.

The 6.74-acre center is home to Jo-Ann Fabrics, Big Lots and OfficeMax, and is located next to a Toys R Us store, just north of Dave Smith Ford and Wehrle Drive. It was owned by Benderson Development Co. until that firm sold it to DDR in 2004 as part of a much larger transaction.

In Buffalo, James Swiezy’s Greenleaf Properties sold the apartment complex at 1165 Delaware Ave., at West Ferry Street, to Leslie Wynn of Toronto, through Gold Wynn Delaware LLC, for $4.275 million. That’s almost twice the $2.56 million Greenleaf paid three years ago to buy that four-story building.

Also, Tzetzo & Tzetzo Companies, through 7008 Erie Road Associates LLC, paid $3.55 million to buy a 54-unit low-rise Town of Evans apartment complex. The recently completed, 50,000-square-foot complex at 10-18 Mariano Parkway has 30 two-bedroom apartments and 24 one-bedroom units, with 10 garages and 18 acres of adjacent land available for development.

The buyer, headed by Nicholas B. and Dimitri J. Tzetzo, specializes in real estate development and management, investment and capital allocation. It owns or has developed a mixture of properties such as the Birchwood, Heathwood, Hamburg and Westfield health care centers, the Fredonia Place senior assisted-living community, the Jennie B. Richmond Chaffee Nursing Home in Springville, the Cathedral Park Tower office and condo building in Buffalo, and the Summit Park Medical Mall in Niagara County.

The seller was Robert M. Ruth’s RMR Development LLC.

In all, buyers and sellers completed 34 deals tallying $29.49 million in deal value in June. A searchable data base of commercial transactions is available at the DataBuff section at

Other deals included:

• Triple Star Development LLC, which includes Pillar Real Estate Advisors’ Michael Lorigo and investor Joseph Macaluso, paid $1.225 million to buy the apartment building at 197 Allen St. in Buffalo from Lemgrittz Holdings LLC, led by J.P. Bullfeathers owners Donald and Lori Leone. The four-story, 10-unit building also has 5,700 square feet of retail and restaurant space.

• Roycroft Campus Corp. bought 21 S. Grove St. in East Aurora from Cornell Cooperative Extension Association of Erie County for $1 million.